WOODLAND HILLS, Calif., May 15, 2013 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTCQB:PHOT), a provider of highly effective indoor growing technologies and unique lifestyle brands, is pleased to announce the timely filing of its First Quarter, 2013, financial results for the quarter ending March 31, 2013. The full 10Q filing is available at www.GrowLifeInc.com or on the SEC's website http://edgar.sec.gov/ .
Highlights include:
- Sales of $760,709 in Q1 2013, up 725% from the same quarter last year
- Gross Margins increased to 32.7% in Q1 2013
- Cash on hand position increased to $246,640 from $36,602 last quarter
- Overall assets increased to $1,616,846 up 9.8% from last quarter
- Overall liabilities decreased by $350,281 to $1,266,565 from last quarter.
"We are tremendously pleased with the progress confirmed by our quarterly report. Our company is very fortunate indeed to be well positioned in an amazing industry at a remarkable time," stated GrowLife CEO, Sterling Scott. "The financials for Q1 2013 express another strong quarter with improvements in sales, revenue, and gross margin. The extent of the turnaround at GrowLife is evident when we compare our companywide sales of $760,000 for this first quarter of 2013, with the same quarter last year where sales were $91,809. It is also worth mentioning that this quarter is historically the weakest quarter for our business."
"GrowLife has become a much deeper and stronger company, with many more products, more channels for distribution and more industry connectedness than at any time in our history. Our opportunity for expansion of product offerings in the legal medical marijuana business in the USA has never been greater. We are indeed growing in a rapidly evolving medical marijuana industry," added Scott.
On the heels of a strong Q1 report, GrowLife is also pleased to report that it remains solidly on track for closing within the next 30 days its previously announced strategic acquisition of the East Coast and Colorado based operations of Rocky Mountain Hydroponics, LLC, Evergreen Garden Centers, LLC and 58Hydro.com. Following the completion of due diligence activities, GrowLife expects to update investors on the transaction including GrowLife's revenue guidance for the combined enterprise.
For an updated GrowLife Investor Presentation visit: http://growlifeinc.com/wp-content/uploads/2013/05/PHOT-DECK-4_30_13.pdf
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holdings, Inc.) (www.growlifeinc.com) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Stealth Grow, a producer of grow room automation equipment and hi-powered LED grow light products for indoor horticulture (www.sgsensors.com and www.stealthgrow.com), Greners.com, the online hydroponics superstore (www.greners.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com). GrowLife is also the US distributor for the Urban Cultivator brand—the greens machine (www.urbancultivator.net).
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, and actual results might differ materially. Examples of such forward-looking statements include management's projected 2013 revenue guidance, references to potential acquisitions, and other references to potential growth in the business. A discussion of factors that may affect future results is contained in GrowLife's filings with the Securities and Exchange Commission. In addition, all industry products are subject to additional uncertainty, including the risks of delay, cancellation and poor critical or financial reception. GrowLife disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.